Exploring ‘Housing Asset-based Welfare’. Can the UK be Held Up as an Example for Europe?

Toussaint, Janneke; Elsinga, Marja

doi:10.1080/02673030903083326

Cited by 78 publications

(68 citation statements)

References 37 publications

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“…In the UK, a leader in financial product development, 20% of all mortgage lending was made up of equity release leading up to the credit crunch (Quilgars and Jones 2007). Toussaint and Elsinga (2009) distinguish between traditional and new 'housing-asset-based welfare'. In the former, home ownership is perceived as a means to accumulate housing equity that can be tapped into contingently, as a last resort.…”

Section: Assets and Policiesmentioning

confidence: 99%

Home ownership and asset-based welfare

Doling

Ronald

2010

J Hous and the Built Environ

310

192

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Section: Assets and Policiesmentioning

confidence: 99%

Home ownership and asset-based welfare

Doling

Ronald

2010

J Hous and the Built Environ

310

192

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“…It has been estimated that the proportion of UK first-time buyers under 30 who were dependent on financial support from family members rose from 10 per cent in the mid-1990s to around 40 per cent by the mid-2000s (Blackwell and Park, 2011;Tatch, 2007) and to around half by 2008(CML, 2008. Furthermore, many mortgage products available to first-time buyers are premised on some form of parental contribution, including equity release schemes (Toussaint and Elsinga, 2009). Andrew (2010) cites a 2004 MORI Omnibus Survey that found that 55 per cent of parents, rising to 73 per cent amongst parents living in owner occupation, expected to provide financial support towards a child's house purchase, most commonly as a gift.…”

Section: Gift-giving Loans and Family Support For Younger Generationsmentioning

confidence: 99%

Gifts, Loans and Intergenerational Support for Young Adults

2013

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Young adults in the UK are increasingly dependent on family support to offset the costs of living independently. This article explores these complex intergenerational exchanges from the perspective of a group of single young adults in their mid-twenties to mid-thirties who had been in receipt of various forms of financial and material support from family members since leaving the parental home. We outline the nature of this support and then consider how these forms of assistance are understood by those in receipt of them. We conclude that the co-existence of a sense of both gratitude and discomfort which is often generated by these exchanges is managed but by no means resolved by a blurring of the boundaries between gifts and loans, a set of negotiations which may not even be an option amongst less advantaged young adults.

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“…At the heart of debates is the extent to which personal assets, particularly housing, will become the financial resource through which an ageing population funds their care. It is within this context, that housing wealth is being positioned as a central component of asset-based welfare in many nations (Doling & Ronald, 2010;Ong, Haffner, Wood, Jefferson, & Austen, 2013;Toussaint & Elsinga, 2009).…”

Section: The Emergence Of the Housing Asset-based Welfare Modelmentioning

confidence: 99%

“…Although this is not a phenomenon experienced across all home-owning nations (Toussaint & Elsinga, 2009 (Wood, Parkinson, Searle, & Smith, 2013), leading to claims that housing wealth is being used routinely as an ATM (Klyuev & Mills, 2007) as well as funding some substantial 'one-off' or 'sustained expenditures' (Parkinson, Searle, Smith, Stokes, & Wood, 2009, p. 385). Equity withdrawal across the life course reduces the asset base available to homeowners to fund their welfare in older age.…”

mentioning

confidence: 99%

Property-based welfare and the search for generational equality

Searle

McCollum

2014

International Journal of Housing Policy

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In many countries, the demographic shift towards an ageing population is occurring against a backdrop of welfare state restructuring. The paradigm of asset-based welfare may become increasingly central to these developments as individualised welfare is touted as part of the response to the challenge of funding the care of an ageing population. This article focuses on the framing of housing wealth as a form of asset-based welfare in the UK context. We consider the strengths and weaknesses of housing as a form of asset-based welfare, both in terms of equity between generations and equality within them. We argue that housing market gains have presented many homeowners with significant, and arguably unearned, wealth and that policy-makers could reasonably expect that some of these assets be utilised to meet welfare needs in later life. However, the suitability of asset-based welfare as a panacea to the fiscal costs of an ageing population and welfare state retraction is limited by a number of potential practical and ethical concerns.

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Exploring ‘Housing Asset-based Welfare’. Can the UK be Held Up as an Example for Europe?

Cited by 78 publications

References 37 publications

Home ownership and asset-based welfare

Home ownership and asset-based welfare

Gifts, Loans and Intergenerational Support for Young Adults

Property-based welfare and the search for generational equality

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